Correlation Between Zijin Mining and Rising Nonferrous
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zijin Mining Group and Rising Nonferrous Metals, you can compare the effects of market volatilities on Zijin Mining and Rising Nonferrous and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Zijin Mining with a short position of Rising Nonferrous. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Rising Nonferrous.
Diversification Opportunities for Zijin Mining and Rising Nonferrous
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Zijin and Rising is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Rising Nonferrous Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rising Nonferrous Metals and Zijin Mining is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Zijin Mining Group are associated (or correlated) with Rising Nonferrous. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rising Nonferrous Metals has no effect on the direction of Zijin Mining i.e., Zijin Mining and Rising Nonferrous go up and down completely randomly.
Pair Corralation between Zijin Mining and Rising Nonferrous
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 0.59 times more return on investment than Rising Nonferrous. However, Zijin Mining Group is 1.68 times less risky than Rising Nonferrous. It trades about 0.22 of its potential returns per unit of risk. Rising Nonferrous Metals is currently generating about 0.1 per unit of risk. If you would invest 1,518 in Zijin Mining Group on November 3, 2024 and sell it today you would earn a total of 106.00 from holding Zijin Mining Group or generate 6.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zijin Mining Group vs. Rising Nonferrous Metals
Performance |
| Timeline |
| Zijin Mining Group |
| Rising Nonferrous Metals |
Zijin Mining and Rising Nonferrous Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Rising Nonferrous
The main advantage of trading using opposite Zijin Mining and Rising Nonferrous positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Rising Nonferrous can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Rising Nonferrous will offset losses from the drop in Rising Nonferrous' long position.| Zijin Mining vs. Fiberhome Telecommunication Technologies | Zijin Mining vs. Tongyu Communication | Zijin Mining vs. Changjiang Publishing Media | Zijin Mining vs. Allwin Telecommunication Co |
| Rising Nonferrous vs. Zijin Mining Group | Rising Nonferrous vs. Wanhua Chemical Group | Rising Nonferrous vs. Baoshan Iron Steel | Rising Nonferrous vs. Shandong Gold Mining |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |